Attention, shoppers! Canada's new grocery rebate has officially been given the green light, paving the way for millions of Canadians to receive the one-time payment before the end of summer.
On Thursday, Bill C-46, also known as the Cost of Living Relief Act, No. 3, received royal assent, meaning as many as 11 million people could receive the money within just two months.
In a statement, the government confirmed that the Canada Revenue Agency will distribute the rebate via direct deposit or cheque as early as July 5.
Tweeting about the update late on Thursday, Prime Minister Justin Trudeau said, "The Grocery Rebate is officially coming to eligible Canadians on July 5th. 11 million people across the country are going to receive hundreds of dollars in support by direct deposit or cheque."
"We’ll keep working to make life more affordable for you," he added. While the rebate was initially introduced in an effort to help offset the rising cost of groceries, Canadians will not be obligated to spend the funds exclusively on food-related expenses; instead, they'll have the freedom to utilize the money as they see fit.
\u201cUpdate: The Grocery Rebate is officially coming to eligible Canadians on July 5th. 11 million people across the country are going to receive hundreds of dollars in support by direct deposit or cheque. We\u2019ll keep working to make life more affordable for you.\u201d— Justin Trudeau (@Justin Trudeau) 1683848429
Dubbed the "Grocery Rebate," the initiative will offer up to $234 for a single person with no children, up to $467 for a couple with two children and around $225 for senior citizens.
An estimated 11 million low- and modest-income Canadians and families are expected to benefit from the grocery rebate, although there is an eligibility criterion.
Global News reports that those with a household income of $38,000 or less, as well as individuals earning $32,000 or less, will automatically receive the funds, with payments set to be integrated alongside the July GST credit payment.
While qualifying individuals and families do not need to apply to receive the money, it is essential to file a 2021 tax return if you have not already. Failure to do so could result in complications with receiving the payment, or even failure to receive the payment at all.
Other affordability measures introduced as part of this year's budget include a crackdown on junk fees (stronger action on hidden fees like internet overage charges, event fees and excessive baggage charges, for example), a new Tax-Free First Home Savings Account, and further investments in the new Canadian Dental Care Plan.
Also given the go-ahead as part of Bill C-46 receiving royal assent is a $2 billion Canada Health Transfer (CHT) top-up, which the government says will help reduce backlogs and wait times in Canada's provinces, and support pediatric hospitals and emergency rooms.
This article's cover image was used for illustrative purposes only.